Share Market Live Updates: Sensex, Nifty may open on a positive note today; DreamFolks to debut on bourses
Indian equity benchmarks are likely to trade higher on Tuesday taking cues from the global markets. Trends on SGX Nifty indicated a slightly negative opening for the domestic indices. Asian shares rose today after China pledged to make renewed efforts to boost its economy, while investors pinned hope on more clarity ahead of a number of central bank meetings. The European Central Bank would meet on Thursday to discuss rate actions, followed by a U.S. Federal Reserve meeting on September 21.
E-mini futures for the S&P 500 index rose 0.68 per cent in the Asian morning session, indicating a rosy start for Wall Street on Tuesday. U.S. markets were shut on Monday for the Labour Day holiday.
Here are the stock market Live Updates:
* Pre-opening: Sensex rises 391 points or 0.66 per cent to trade at 59,637.
* Forex update: “As the broader theme for the markets currently is a hawkish Fed and a stronger dollar (given by strong US fundamentals), the pressure on the EM currencies and DM currencies is likely to stay in place and the Rupee can’t shy away from it completely to keep its competitiveness in the face of the Asian peers weakening. Any short-term dip below 79.40 seems to fade off quickly and the USDINR pair is poised for a rebound towards 79.90-80.10 levels. As long as the pair remains in a confined range of 79.20-80.10, dips near 79.40 can be used for buying, and upticks near 80.00 could be utilized for selling,” said Amit Pabari, MD, CR Forex.
* Expert View: “On the technical front, Nifty formed a bullish candle on the daily chart however the chart structure has not witnessed any imperative changes and continues to remain rangebound. There is evidence of a reversal pattern in the weekly time frame hence in coming sessions, the key thing to watch will be a faster retracement above August highs of 18,000 that will signal the end of the ongoing corrective phase. Else, prolonged consolidation in 17,200-17,800 range is expected to continue. On the oscillator front, the 14-period RSI has witnessed a sell crossover and presently trading below the 60-level mark. Thus, one needs to avoid trading aggressively amid global nervousness. Considering the present situation, a bare minimum correction of 38.6 per cent of the entire rally from 15,183 to 17,992 comes around 16,900 followed by a 50 per cent correction at 16,600. On the upside present setup indicates that Nifty can move towards 17,992 followed by 18,114 in the coming days with immediate support standing at 17,350 and the index need to sustain above the said level with some authority for the bulls to strengthen their stance. During the day index is likely to open on a flat note bit and is expected to trade in a range with a positive bias, a sustainable buying could only emerge on the move above 17,800 levels,” said Tirthankar Das, Technical & Derivative Analyst, Retail, Ashika Stock Broking Ltd.
* IPO lisiting: DreamFolks Services would make its share market debut today. Dreamfolks is a dominant player and India’s largest airport service aggregator platform having a unique, asset-light, capital-efficient business model.
* SGX Nifty: Trends on SGX Nifty indicated a higher opening for the markets back home. The Nifty Futures on Singapore Exchange also known as the SGX Nifty Futures rose 26 points or 0.15 per cent to 17,710.5.
* Previous session: The 30-share BSE Sensex had jumped 443 points or 0.75 per cent to close at 59,246 on Monday; while the broader NSE Nifty had moved 126 points or 0.72 per cent to settle at 17,666.
